Opening of Bank Accounts (Decision No. 13309)

Circular No. 579 To Banks

Please find attached a copy of Interim Decision No. 13309 dated January 29, 2021 concerning the amendment of Basic Decision No. 13100 dated September 3, 2019 (Opening of Bank Accounts), attached to Circular No. 147.

Beirut, January 29, 2021 Governor of the Central Bank of Lebanon Riad T. Salam

Decision No. 13309 Amendment of Basic Decision No. 13100 dated September 3, 2019

The Governor of the Central Bank of Lebanon, Pursuant to the Monetary and Exchange Law, particularly Articles 70 and 174 thereof, Pursuant to Basic Decision No. 13100 dated September 3, 2019 and its amendments regarding the opening of bank accounts, And pursuant to a decision by the Central Council of the Central Bank taken in its meeting held on January 27, 2021, Hereby decides the following:

Article 1: The following text is added to Basic Decision No. 13100 dated September 3, 2019 as "Article 4 bis": « Article 4 bis: Banks receiving deposits or transfers sourced from grants in US Dollars or any other foreign currency granted by international institutions and donor agencies for distribution to beneficiaries of these grants shall notify the Banking Control Commission of such amounts and the exchange rate applied when converting them from foreign currency to Lebanese Lira. »

Article 2: This decision takes effect upon its issuance. Article 3: This decision shall be published in the Official Gazette.

Beirut, January 29, 2021 Governor of the Central Bank of Lebanon Riad T. Salam